Hello,
This is related to capital gain :
1. Date of booking of house property A : 19-Oct-2010
2. Date of sale of house property B : 17-Aug-2011
3. Date of possession of house property A : 15-Mar-2012
Can the assessee take the benefit of section 54(1) claiming that he has purchased house property A within a period of one year prior to the date of sale of house property B ?
Yes. Assesse can claim.
Thank you Saiyum.
Now let me slightly modify the date of transaction 1.
The new dates are as follows :
1. Date of booking of house property A : 16-Aug-2010
2. Date of sale of house property B : 17-Aug-2011
3. Date of possession of house property A : 15-Mar-2012
Can he now take the benefit of section 54(1) claiming that he has constructed house property A within a period of 3 years from the date of sale of house property B ?
CAclubindia
